IDI Group and PTM Partners Land $60M Refi for Luxe NoVA Apartments
By Nick Trombola June 13, 2024 1:39 pm
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Communities along the Potomac River in Northern Virginia have become synonymous with real estate development in recent years, and a hefty new refinancing loan for a luxury apartment building is evidence that the trend is still going strong.
A joint venture between Arlington, Va.-based developer IDI Group Companies and Fort Lauderdale, Fla.-based developer and private equity firm PTM Partners secured the $60 million loan toward Viridium, a 318-unit luxe multifamily property at 1000 Annapolis Way in Woodbridge, Va., about 23 miles southwest of Downtown Washington, D.C.
The senior financing was provided by an unnamed “life insurance company,” according to the JV, though it was structured by Daniel Shiff, Adam Bieber and Alec Jenkins of lending broker BWE’s D.C. office.
A spokesperson for the JV declined to share further details of the loan.
“Particularly in this conservative lending market, this financing demonstrates the strength of the asset and is validation for the vision of our joint venture,” said Scott Meyer, partner and chief financial officer of PTM, in a statement.
“[This financing] allow[s] us to complete our near-term objectives and position ourselves for the next chapter with the asset,” added IDI Managing Director Enrico Cecchi.
The multifamily market for Northern Virginia towns has stood particularly tall in recent months.
In late April, Bozzuto Group bought the Gables 12 Twenty One apartment complex in Rosslyn from previous owners Gables Residential for $44.5 million, marking the firm’s first multifamily buy in 16 years. In March, Shoreham Capital and Bridge Investment Group secured $157 million in acquisition lending for a nearly 1,200-unit building in Alexandria.
Office-to-residential conversions are also taking hold in NoVA. An affiliate of Nicholas Development last month filed a rezoning request with Fairfax County to alter a six-story, nearly 57,000-square-foot mostly vacant building into an apartment complex. Kennedy Wilson meanwhile provided a $96 million loan toward a office-to-resi project in Alexandria back in March.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
